Payment plan with Banks
Has anybody worked out a payment plan with the lenders in order to have the seller stay in the property. We might be starting some negotiations with some sellers in order to work a deal with the bank for them. If you have please tell us your story.
Depending on the situation of the owner and how often they have "jerked" the bank around, it hasn't been too difficult to work out payment plans with banks. Normally, they WILL require at least 1/2 of the past-due payments up-front. Sometimes, if you can prove extenuating circumstances, they will either let you put some of the payments to the end of the loan or pay an extra amount each month until you're caught up. They may require a financial statement, to show that the owner is able to make the payments agreed to. First step is to contact their workout department. Do NOT try to go through the attorneys; you will only get frustrated. dealing with banks directly is much easier.
HERE IS A RECENT EXAMPLE:
A Client of mine was severly delinquent -
And about a month B4 the Sheriff's Sale was to take place:
I contacted (VIA EMAIL) the lender to negotiate a deal on his behalf.
the Supevisor in Delinquency Admin. REPLIED:
Dear Mr. Weese:
Your email was received by this office and I am responding to your query.
I believe you are requesting us to consider reinstituting a prior repayment arrangement you had with the prior servicer.
As the status of the loan has significantly changed since the prior servicer had the note I cannot guarantee we would be able to institute the same
format;
however, we do have a myriad of plans available to assist you in keeping the home if you are capable of sustaining the note.
We would be more than willing to send you the necessary documents to make application.
Your options will then be presented to you based on your ability to qualify.
You have a representative assigned to your note. Her name is Shirley C.
and she can be reached at 1-800-***-**** x7466.
I have also CC'd her on this correspondence. Should you wish to apply for assistance or receive information on the account please contact her Mon-Fri between 0800-1600hrs PST.
Sincerely,
S. R
Loan Resolution Supervisor
******************
RESULTS:
We purchased the home tthrough an Equity Holding Trust to avoid the Due-On-Sale Clause!
And got the owner back on track!
He's now re-buying the home through our 'silently' negotiated contract which is held by the Trustee. If he misses a payment he'll be evicted by a Land Trust in His 'OWN' Name? Kind of silly to contest this action in front of any Judge!
In two years his credit will have healed, good enough to refinance at favoravble terms and settle us out for our 50% Equity Interest!
ALL INCLUDED INFORMATION IS PROPRIETARY AND CONFIDENTIAL
This message contains information, which may be confidential and privileged.
Let me know if this information helps you!
I can get you more info on Equity Holding Trust and their uses for No Money Down, No Credit Check and No New Bank Loan Purchases!
Much Success,
DerrickA
DerrickA:
I'd like to know more about Equity Holding Trusts that do not trigger the due on sale clause. Also, I am a new investor looking to get into pre-foreclosures...can you provide some insight on the nuts-and-bolts approach to contacting banks, lawyers and homeowners?
KJJackson
I'd like to know more about Equity Holding Trusts that do not trigger the due on sale clause. Also, I am a new investor looking to get into pre-foreclosures...can you provide some insight on the nuts-and-bolts approach to contacting banks, lawyers and homeowners? Also can I get more info on Equity Holding Trust and their uses for No Money Down, No Credit Check and No New Bank Loan Purchases!
THANX!
MTolbert & KJJACKSON:
GOTO My FRIEND -BILL GATTEN's Website:
www.LandTrust.net
He is the inspiration for this wonderful new financing Vehicle!
[That is the PACTrust(tm) and Equity Holding Trust(tm)]
His techniques and financial tools will be of GREAT HELP to any investor visiting this Site!
Much Success,
Derrick!
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